Lumis and sons (LS) owns 30% of Lara corp. During 2020, Lara reported a net income of 300,000 and did not declare any dividends. Additionally, Lara sold a piece of land, with a carrying value of 100,000 to LS for 300,000. LS still holds the land. LS accounts for its investment in Lara corp using the equity method.

What is the journal entry to make on December 31, 2020? (to record the impact of the above transactions) What is the net debit to the investment in Lara corp account / the net credit to the equity income (these would be the same)